CryptocurrencyScripts

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Snack Talk: The Gobsmack!

Hey guys! Yeah…’guys’ does really sound chauvinistic but I’m sure everyone understands. Anyways, shitposting isn’t really my thing and this ‘Snack talk’ thing is a literal shitpost. Like two beer lovers discussing their favorite brand, a better example is two memecoin investors discussing the ‘utility’ of their cat-themed memecoins. Cat-themed memecoins don’t really do so well, relative to the doggy ones, but I get it…we all do.

Alright, I named this one ‘The Gobsmacked’ and I must say I’m gobsmacked by a lot of things. First, uptober doesn’t seem to be turning out great and the charts are looking like it’s Halloween already. Someone played MJ’s thriller on the bus today. Noisy, but that’s exactly what the whole market sounds like. I could go on with the second but if the charts continue this way then Christmas might be in jeopardy. But it doesn’t matter, we are here for the technology anyway. I said ‘we’ like we are not all waiting for the next earndrop so we can ‘cash out’.

Speaking about earndrops, I did claim a few $TIA from the Celestia airdrop. You can check your eligibility here too. Celestia is working on a couple of things that could become useful for the whole space. A bit excited to hold a (little) stake. Anyway, that’s it with the brief commercial.

JP Morgan just launched a tokenized collateral network, that should come second on my list but, then, these guys have been all around crypto and always trying to come in in their own way. Not sure this is the best way to make a dive into the space, but maybe I’m overreacting to an asset-creation platform.

By the way, if you’ve been following the court hearing for SBF and the FTX guys, you should be astonished…’ gobsmack’ is the word of the day. I forgot. Couple of impressive incomes in those lists from Caroline. Not sure which is more lucrative, Sports, Music, or running a crypto-trading platform. If every exchange operator earns that much, then the latter wins, hand-off. If you haven’t been paying attention, this is the second one on my list.

The third one? This snack of course! I wouldn’t be here after 70 days to write another snack-time talk story if I didn’t find a befitting snack. No need to dwell on that, I came across the whitepaper for BitVM. The Bitcoin blockchain could run smart contracts in the near future. Safe to say that even Bitcoin now copies Ethereum. No jokes on the team working on this impressive development, just saying that Bitcoin has spent a majority of its lifetime being compared to Gold. If it finally turns into another virtual machine, then it will spend another decade being compared to Solana, Taraxa, and Polygon, I left out Fantom…another cool EVM network! But technology is about finding out, sorry, that’s science. Never mind, I own up to that statement.

Deploying memecoins on the Bitcoin network would have been historic, but BRC-20 tokens already did that and suddenly no one talks about them. Not sure why they faded so quickly. Big guess, The Bitcoin blockchain was built to support P2P BITCOIN transfers and not inscriptions. Ethereum and all of its offspring were built for this. And if you think Bitcoin running smart contracts will kill off other smart contract blockchains, just remember the same was said about BRC-20. Too early to call it, but this is where we are headed.

I would have loved to put a word out for everyone getting a 10% refund on their failed NFT investments but I never got a refund from the handful of rug-pulls myself and other memecoin investors had to go through. So, if Logan Paul finally sends your 10% Cryptozoo investment back to you, then you should consider buying a good snack and some Sprite. Project literally sound like a straight scam, but that’s how most rugpulls sound. Cool name projects pull the rug equally, don’t judge a book by its cover, this doesn’t apply to your Algebra textbooks though.

Time to drop the keyboard, just took the last bite and it is not certain when the next snack talk stuff will drop. Judging from the current trend, Q1 2024 is very likely. Maybe Bitcoin will be back above $30K then. If the ETFs finally land, then sure, we can be positive. Yeah, that’s it …guys.

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13/10/2023
Satoshi Nakamoto: Who is he?

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In the world of cryptocurrencies, one name stands out as both an enigma and a legend: Satoshi Nakamoto. The pseudonymous creator of Bitcoin, Nakamoto’s true identity remains one of the most captivating mysteries of the digital age. In this article, we’ll delve into the story of Satoshi Nakamoto, exploring the origins of Bitcoin and the enduring intrigue surrounding this elusive figure.

# The Birth of Bitcoin:

In October 2008, a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” appeared on a cryptography mailing list. This whitepaper, authored by Satoshi Nakamoto, outlined a revolutionary concept—a decentralized digital currency that would operate on a peer-to-peer network, free from the control of any central authority. Nakamoto’s vision was to create a system that allowed individuals to send and receive digital payments without relying on intermediaries like banks or payment processors.

Nakamoto’s invention addressed the double-spending problem that had plagued previous attempts at digital currency. Through a clever use of blockchain technology—a decentralized ledger that records all Bitcoin transactions—Nakamoto ensured that each unit of cryptocurrency could not be duplicated or spent more than once. This innovation paved the way for the creation of a digital currency that was truly scarce and secure.

*The Mystery Deepens:*

Shortly after publishing the whitepaper, Nakamoto released the Bitcoin software, and the first-ever block, known as the “genesis block,” was mined in January 2009. From that point, Nakamoto remained actively involved in the development of the Bitcoin software and community, communicating with early adopters through forums and email. However, Nakamoto was always careful to guard their true identity, communicating only through an online persona.

Despite Nakamoto’s frequent online presence, efforts to unveil their identity were fruitless. The name “Satoshi Nakamoto” was believed to be a pseudonym, and the creator’s true identity remained a closely guarded secret. Some speculated that Nakamoto was an individual, while others believed it could be a group of people working together. The mystery only deepened as Nakamoto’s involvement in the Bitcoin project gradually waned.

*Legacy of Satoshi Nakamoto:*

Regardless of Nakamoto’s identity, their creation has had an indelible impact on the world. Bitcoin, often referred to as “digital gold,” has become a global phenomenon, attracting both enthusiasts and critics. Its decentralized nature and limited supply have made it a store of value and a hedge against inflation, while its underlying blockchain technology has inspired countless innovations beyond cryptocurrency.

Satoshi Nakamoto’s decision to remain anonymous also had a profound effect. It allowed Bitcoin to develop organically, without a central figure to exert control or influence. This decentralized nature aligns with the core principles of cryptocurrency, emphasizing trust in code and the network rather than in individuals or institutions.

*The Quest to Unmask Satoshi:*

Over the years, many individuals and journalists have embarked on quests to uncover Nakamoto’s true identity. Some have claimed to have found the real Satoshi, but these claims have often been met with skepticism and debunked. In one instance, Newsweek published an article in 2014, identifying a man named Dorian Nakamoto as the creator of Bitcoin. However, Dorian Nakamoto denied any involvement, and the story raised more questions than answers.

As of my knowledge cutoff date in September 2021, Satoshi Nakamoto’s identity remains a mystery. Despite the tireless efforts of researchers and journalists, the true identity of the Bitcoin creator has eluded discovery.

*Conclusion:*

Satoshi Nakamoto’s creation of Bitcoin represents a watershed moment in the history of finance and technology. Whether an individual or a group, Nakamoto’s brilliant vision has reshaped the way we think about money, trust, and the power of decentralized networks. The mystery surrounding Nakamoto’s identity only adds to the intrigue and mystique of Bitcoin, ensuring that the enigmatic creator will forever be a central figure in the world of cryptocurrencies. While the identity of Satoshi Nakamoto remains concealed, the legacy of their invention continues to evolve and inspire innovation in the digital age.

25/09/2023
Snack Talk: The jump-off

Alright, I just got a sack full of snacks, it’s been a long day! The neighbour, just a block away is blasting some hip-hop music. Since this is crypto-related content, you’d guess the artist would be Soulja Boy or Lil Yachty; but coincidences aren’t as usual as we’ve made them be. Talking about those guys, we might see them return to the crypto space when the next memecoin season dawns on us. Soulja Boy led the marketing for the LimeWire token. Unfortunately, it couldn’t do a quick and temporary 10X before it crashed into obscurity. That $30 million ICO fundraiser will be enough to pay off Soulja and Bahd Barbie; since the latter is aboard the ‘content creation’ project as well. Well, time to move on, condolences to the ICO participants turned into bagholders.

Back to my neighbour’s music, it’s a 2009 Kanye, Jay Z, and Rihanna classic. A rich song…literally. But the inspiration for this article didn’t even come from there. Actually, there was no inspiration for this article. I just needed to slow down the half-life of this snack by talking crypto and web3 along the line. This is the first ever ‘snack talk’ (from me), new editions will be made anytime I stumble on a good snack. Good snacks aren’t so common in this area of the world, so, be rest assured that the next edition of this terrible series (might) take time.

Going ahead, UNIBOT is doing some face-melting on the charts, but that isn’t the main thing you should be worried about. There is a new Bitcoin in town, not the Satoshi one, the Obama one. Funny enough, Mr.44 wasn’t even a fan of crypto. He might have taken a few Bitcoin from that silk road seize, but that’s not enough to put his name in a top 300 crypto asset. Mr.45 was a more crypto person than his predecessor. He even runs a whole NFT project. Really significant, for the fact that he did bash Bitcoin. If Americans vote for another Democrat that isn’t Joe, then we might see a real Bitcoin fanboy in the Whitehouse. Heard he got two bitcoins each for his 7 kids. I’d give the best gifts to my kids too. W dad!

Hollywood is jumping between worlds. From the black-and-white world with Oppenheimer and then to the Pink world with Barbie. I’ll most likely pick a Chris Nolan movie, but this isn’t a recommendation. And this isn’t even any of our business, well, until Oppenheimer Memecoins start trooping in. Before then, we can only enjoy the current calm.

But it’s never calm in the crypto space. Just in case you live under a rock, FTX exchange is trying to make a comeback. If you dipped some cash into the troubled coin, you may have seen some pumps a few weeks ago. I’m sure you weren’t expecting that as the main gist from a guy with a sack of snacks. The news is, Sam is getting sued. I whispered those words, don’t shout! We can all pretend to be surprised when we hear that from a friend at work. Talking about friends at work, you should be planning a memecoin launch with your friends, you could just create the next Pepe.

Not sure if you are expecting another full paragraph, it’s just a snack-time talk. I just took the last bite. Last bites are like breakups. They leave a taste until your next meal. If you bought UNIBOT about a month ago, your next meal should be a steak, else, just have a burger and pray for a green candle. Been a good time, this is the Jump-off; title of the next edition will be inspired by the name of the snack. You don’t want to miss it, so just follow, even if it’s just for the sake of following. Yeah, that’s it for now…this Soda tastes bad…

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28/07/2023
NFT arbitrage: How will it work?

NFTs are one of the seven wonders of crypto, the list will surely change and get even longer in the future, but NFTs have had a hell of a time in the space. From a high-tech concept with huge potential to a meme-like multimedia idea and again to an entity of high financial significance. NFTs reportedly moved over $24 billion in cumulative volume in 2021. This figure has since due to the raging bear market and a lowering interest in NFTs, but NFTs are still very significant.

A handful of arbitrage protocols have seen huge success in trading cryptocurrencies across centralized and decentralized exchanges. However, these projects are only focused on fungible tokens which make up a majority of cryptocurrency investors’ portfolios. But NFTs are fast becoming popular and coveted assets.

Proposed theories for an NFT arbitrage system will certainly involve the synergy of protocols that surf through NFT marketplaces to garner data on the trading conditions of recognized NFTs from different collections and compare these data to evaluate the difference in floor prices collections and selling prices on individual NFTs across selected market places and trade accordingly to take full advantage of the deviations to return maximum profits for each successful trade.

Noted challenges to the NFT arbitrage scheme are the illiquidity of NFTs and loss of profits to MEV (Miner Extractable Value). NFTs are illiquid in the sense that they are first listed and stay waiting for an eventual buyer, NFTs could spend hours to days on the marketplace before a buyer comes around.

MEV is an issue that plagues cryptocurrency as a whole. Additional charges on every transaction build up into tangible expenses, enough to get rid of every profit made in trades, especially for routine traders on decentralized exchanges. Thanks to MEV, an NFT arbitrage system could see a good percentage of its profits eaten away by extra charges or even fall back into losses even after successfully arbitraging an NFT.

NFT arbitrage protocols could tackle this using a pool. By creating a pool for NFTs. This pool will present an instant demand for the NFT and ensures that they can be sold immediately. Only NFTs demanded in the pool will be considered for arbitrage opportunities.

The arbitrage system will basically compare prevailing prices for NFTs in its pool and the price of the same NFTs on other marketplaces. The arbitrage system will proceed to purchase NFTs where they trade for cheaper prices and trade it on the on-demand pool, making a profit. This is recurring and continues until the trades are no more profitable.

Note that there are currently no known NFT arbitrage projects and this content is only a theory of how a system like this could work. Taking into consideration, the basics of NFTs and available technologies, this might be a ground-breaker for NFT investors.

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05/07/2023
BRC-20 tokens: Memecoins on the Bitcoin Blockchain.

Bitcoin maximalists used to hold on to Bitcoin as a store of value and a major contender to gold. The Ethereum community claims the top spot is well deserved for their virtual internet and computer. No pun, both are great projects, and any joke made henceforth is just for fun…I needed to put that straight.

The idea that Ethereum invented a shitcoin production factory isn’t far from the truth. The Bitcoin guys would blame smart contract tokens and institutions that promote them for spoiling the crypto space. With each memecoin season that passes, this becomes even more obvious. I’d appreciate stricter regulation in that space, but Mr. Gary Gensler has other plans. Side news, FTX is making a comeback, and the crypto space seem to have gotten over that multi-billion-dollar tragedy. Well, everyone probably made their money back by buying PEPE and BOB tokens.

Now, whatever agenda the Bitcoin community is pushing against Ethereum and the whole EVM clone space might have to stop very soon. Not even an opinion but a reality. Bitcoin influencers are on about Ordinals, and all of a sudden, NFTs are cool again. Not funny, just surprising. Even the legendary Peter Schiff is minting ordinal NFTs; it’s surprising how these tables turn. The thoughts of making some easy dollars will certainly turn anyone’s head anyway.

The BRC-20 token market is growing in headcount and dollar value. Ordi is the first; now, there are many more. For an idea that isn’t up to six months old, the space has grown into something huge. How much can you count? Even Pepe has opened up a branch in one of the oldest blockchain networks in modern times. Time isn’t an excuse in this space anymore, so it is time to query the BRC-20 space already, just like Bitcoiners query the smart contract tokens.

A quick one, apart from pumps and dumps and wash trades, what are the utilities available for BRC-20 tokens? Ok, again, apart from clogging the Bitcoin network, what other utilities? Really some bold claim, but BRC-20 have a huge shoe to fill already; the big problem is, they are working on a system that wasn’t meant for any of these.

Satoshi envisioned a tool to facilitate routine transactions between people anywhere in the world and also create a system that works for and with the people. None of these were in the plan. Inscribing on Satoshis is a stretch. The space doesn’t need another memecoin factory. There are tons already, and another ‘blockchain developer’ is in an enclosure developing another clone of the Ethereum blockchain that uses POS consensus while the airdrop hunters are waiting to hump on it, just in case there is some free governance token to be shared, like lollipops. Pun intended.

A number of brilliant smart contract projects have launched on these smart contract blockchains, and some EVM-compatible blockchain has shown great professionalism as well. Tokens on these networks have the chance to thrive since these networks were built from the onset with these extra tokens in mind. Bitcoin’s seven transactions per second speed wasn’t intended to power hundreds of extra tokens and high-quality art uploaded to the network.

How this goes in the future will be interesting to watch, but then, at the time of writing, BRC-20 tokens are showing the power of hypes and community action on price development. Exactly the same thing Shiba Inu, Pepe, and BabyDoge already proved to us… nothing new.

Now, even if you don’t agree with everything you read here, Just take a second and follow us. Our next article might appeal to you.

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03/07/2023
What is cyclic arbitrage?

Arbitraging is as easy as buying from one end and selling for an assured profit on the other end because the sale point is positively ahead of the purchase point in terms of price development, or lagging as the case may be. Arbitraging is partially the reason why asset prices stay relatively the same across different markets and pairs. Manual arbitragers, arbitrage sniffing bots, and algorithms are lurking on centralized and decentralized exchanges to quickly take advantage of temporal shifts in asset values. Cyclic arbitrage is a common practice in arbitrage trading.

A number of decentralized and centralized arbitrage projects and even projects not directly related to arbitrage trading utilizes the mechanics of cyclic arbitrage to balance their trading system. Cyclic arbitrage could be a really handy theory for cryptocurrency and mainstream trading platforms, even ones that hope to develop an extra income opportunity for themselves.
Here’s the basic theory of cyclic arbitrage: The arbitrage trading algorithm sniffs three different exchanges or more with a special focus on a single asset. It collates the current trading price on these exchanges and compares them with respect to their pairs. Using information garnered this way, it simultaneously trades the asset in such a way that it yields a net profit, trades might end up with a different asset, but this asset must have an instantly redeemable value that is above the starting capital.

Protocols that use (or attempt to use) this theory, develop a trading bot that automates it trading in accordance with this theory. Depending on the design of the algorithm, this process is repeated as many times as possible, wither in the same direction as long as the trade remains profitable in a different and more yielding direction.

Here’s a scenario. Say the arbitrage bot detects a difference between the trading price of MATIC on Binance and Huobi with the price on Binance lower than that on Huobi. The bot detects a third exchange (say Kucoin) on which a MATIC pair (like MATIC/FTM) trades below the market value. This bot makes a MATIC purchase on Binance and exchanges the Matic purchased on Binance for FTM on Kucoin. To complete the cycle, it sells this FTM on Huobi for MATIC and realizes more profits in MATIC.

Cyclic arbitrage accumulates the profits from arbitrage trading as opposed to regular one-directional arbitrage trading. Further applications of the cyclic arbitrage trading algorithm will reveal more details about how it works.

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30/06/2023
Are cryptocurrency ETFs enough to start a Bullrun?

Well, I’m yet to put up a poll, but it’s almost certain that a majority of ‘cryptocurrency enthusiasts’ are yet to understand what cryptocurrency ETFs are. Not sure most care anyways. As long as it keeps the market green, we’re fine…I’m fine too. Pun intended.

Exchange Traded Funds are like pooled funds by users of financial institutions, Like mutual funds. But since we agreed to keep this simple, I’ll skip the details and simply attach a link where you can read up on this. Again, this whole article is limited to 500 words. Subsequent ones will grow in length if Bitcoin blows past $30,000

Bitcoin ETFs, Ethereum ETFs, and maybe one for the handful of memcoins flying around. My wild guess is a DogeCoin ETF; if that fails, a PEPE ETF is my backup guess. Elon is cracking down on Twitter bots ‘powered’ by memecoins, so I will stay away from that space.

Binance’s tussle with regulatory bodies around the world was expected. I must say that the firm is handling it considerably well so far. At least relative to FTX, funds are still SAFU. The market slumped on the news, not surprising when the biggest exchange is getting served by the SEC. Mr. Gensler hasn’t been easy on this space!

But we have the ETF news to thank for keeping everyone in the market. Not a big deal, to be honest. Bitcoin traded below $17,000 this year, and the investors’ spirits weren’t damped. Oh well, it actually was, just not totally annihilated. I’d take an exception for the bears who shorted everything they could lay their hands on during this time.

Bitcoin has tumbled almost twice since this time; altcoins are still left in the dust. The market appears to be jostling towards the green lines. The ETFs are a huge factor, but is this enough to take us back to the late 2020 and early 2021 days? You have your personal opinion, and it will be cool to put them in the comments.

I’ve come across a number of Tweets analyzing how ETFs will push Bitcoin to $300,000. If that materializes, then we are 10X away from the future. Bitcoin will have to behave like a real memecoin for the first time since Peter Schiff accused it of being a memecoin. And that’s fine for me. Even Peter is inscribing and selling Bitcoin ordinals now; I guess that’s a good step to becoming a moonboy. Turns out Gold doesn’t have ordinals.

For the most serious part of this article, I’d like to opine that ETFs aren’t enough to launch us into another Bullrun, at least not before the next halving. While a Bullrun before the next halving will be very much desired, the current sell pressure on cryptocurrencies is something these analyses haven’t considered yet. And mathematics doesn’t always work in the real world. $30,000 for a bitcoin in the middle of a global financial turmoil is already a big statement, and the bears can rear their ugly heads.

But there is still a long distance to the next $5,000 pump on Bitcoin. The market is in a pullback at the time I wrote this sentence. Might change by the time I push this article to my blogs. But for now, we can expect thins to dangle between $29,000 and $32,000 for a while. Even with every institution launching an ETF for the two biggest cryptocurrencies.

Again, we blew past 500 words! You guys owe me now!

28/06/2023
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21/04/2023
How close are we to a ‘fiat-less’ world?

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Numerous articles tip bitcoin and cryptocurrencies over fiat currencies and a couple more insinuating the inferiority of traditional hard currencies and suggesting these currencies might become obsolete and deprecated in the near future. ‘The death of fiat is imminent’ they say, but is this really true? I don’t know what your answer might be, but I strongly doubt if the days of paper currencies are anywhere near an end, especially not with the current state of the crypto space.

Recent trends of countries employing blockchain technology in certain sectors including finance have fueled the trend of people envisioning a world without fiat and a world where currencies running on the blockchain are the generally accepted resource exchange means. But while this is a possibility, it is a very long-term vision and as a matter of fact, stands a very little chance of coming true.

While I am pro-bitcoin and cryptocurrency, the masterpiece of fiat currencies and the current shortcomings of bitcoin and cryptocurrencies are hard to ignore. And according to certain cryptographers, ‘Blockchain is a clever technology but cryptocurrencies are useless’. This is certainly not true to a large extent, but to an extent, it basically expresses dismay at cryptocurrencies. While the technology backing these flexible currencies holds many applications, cryptocurrencies have to a large extent depicted some shortcomings which are very hard to ignore.

Fact is, no system or technology is 100% efficient, but tipping a very young prospect that has displayed some huge level of inefficiency over a system which have served for centuries could be asking too much…and moving too fast.

A little assessment, how well do you think cryptocurrencies will perform as a global means of exchange? Critical thought will reveal numerous issues which may arise from this. While these issues are fixable, cryptocurrencies and blockchain technology are still some miles away from solving these issues.

Get used to bank notes, they will be here for much longer! Source

Cryptocurrencies are better off as utility tokens than global currencies used for mainstream exchange. However, if cryptocurrencies must be used for this purpose, then a little bit of centralization must come in, and this defeats the whole goal of decentralization and cutting off the middleman to add security and privacy to the fund transfer process.

Achieving high throughput in transactions is also a blockchain issue that limits the use of cryptocurrencies in everyday ‘spend’ activities. Optimization of the spend and receive algorithms set a blockchain project ‘a head above others’, while many contemporary blockchains can process the transfer and reception of assets, many users still face tangible constraints while using this feature, this stems from the complicated steps required before a transfer request is made and a slow speed of processing transactions. To serve the people better, an optimized means of spending funds is essential.

Talk about portability. Of course! Present banking financial technologies are focused on providing a portable medium of financial transactions, hence the recent surge of banking applications, bar-code spending systems, and other web-based banking services. This has simplified financial activities and created a sort of ‘digital fiat’ which runs without the blockchain and in a centralized system, but it of course presents a flexible spending system with some regulations which try to monitor the use and block irregular activities…to an extent.

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Ok, blockchain claims to be transparent, and this is a fact relative to custodial banking systems, but transparency is just a tool that aids financial regulation, however using a transparent financial system with no means of actually curbing irregularities in the system makes it all futile. If you can see the unscrupulous acts going on but can’t stop or reduce them, then transparency is almost of no use. This is the case in a truly decentralized blockchain-powered financial system.

Currently, cryptocurrency’s universality is the only enticing feature it really has over the current fiat currencies, financial systems, and banks. With the current instability, manipulations, and technological shortcoming, it is as a matter of fact inferior to fiat currencies and the current banking system.

Seeing cryptocurrencies as utility tokens of blockchain projects which solves some real-world problems or presents a new and/or more efficient way of handling real-world issue is probably the healthiest way to look at it. Bringing some aspects of blockchain technology into fintech and revolutionizing the financial system to incorporate some virtues of blockchain technology into the mainstream financial system will surely create a more efficient financial system. The fiat system may never die, but if blockchain technology and cryptocurrencies take a healthier route and fix some of its biggest issues, then they stand a chance of penetrating the mainstream financial system…but not replacing fiat. Replacing fiat with cryptocurrencies is just a long-lasting illusion.

13/03/2023
Celebrities in crypto; good or bad?

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Snoop Dogg revealed that his NFT portfolio is worth millions of dollars. The most popular names you could think about are fast hopping on the NFT trend. Lil Yachty influenced the very popular Safemoon moonshot. A tough one to say, but SouljaBoy once turned into a proper cryptocurrency pump and dump specialist of the McAfee type.

Celebrities of the most elite echelon are fearlessly pushing cryptocurrency, decentralization, and financial technology-aided human freedom. Unarguably, your recent love and respect for a couple of them stem from the fact that they helped ‘pump’ some of your cryptocurrency holdings.

Hate or love him, Elon Musk has been the most influential figure in the crypto space in 2021. Yeah, it’s the rocket man, not even Michael Saylor and the thousands of Bitcoins he regularly buys via his investment startup — Microstrategy. NSFW projects have also attracted adult content producers into the crypto space.

As if this is the first time cryptocurrency made its way to mass awareness, the rave seems to have shot up from nowhere! Amazing, yet confusing…what could have caused this rush and how have this changed things for the larger cryptocurrency community?

Flashback to a couple of years ago; bitcoin was relatively stuck in obscurity, despite performing way better than every other asset you could think of over the past decade. Only the most curious and financially knowledgeable celebrities cared about making their opinions about the shady digital asset known. The dollar was the rave, amongst celebrities and other people alike…it probably still is.

A couple of them surely moved a chunk of their funds into bitcoin and cryptocurrencies but barely cared to talk about them as much as they do currently.

NBA teams are proposing to pay part of their players’ salaries in bitcoin, popular racing companies, and F1 racers have lucrative deals with cryptocurrency startups. The bitcoin car didn’t win that race, but still, it has served its purpose. It’s not so odd to see new people join a trend, but then they barely cared about it a while ago and suddenly get so involved, it looks weird…or amazing, rather.

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Who’s your favorite celebrity in cryptocurrency? For me, it’s certainly not Soulja Boy. The ‘Crank dat’ emcee hasn’t been such a healthy figure in the crypto space and represents everything that makes cryptocurrency investment risky. His influence is very similar to that of many other celebrities who ventured into the space during the cryptocurrency bull run of the first quarter.

Anyone who really cared would wonder what these popular guys have contributed to the real growth of cryptocurrency and blockchain technology.

Pump and dump specialists? Remember when meme tokens nearly took over the Binance Smart Chain? The safe, moon, baby, Shiba, and Inu tokens. As funny as they sound and function, many of them were being advertised by elite celebrities; Snoop Dogg, The Game, members of the Faze Clan, to mention very few. Thanks to the large audience they gained via their music success, and otherwise, these tokens gained enormous popularity accompanied by face-melting price moves. Thanks to Automated Market Protocols, every buy or sale has a tangible influence on price.

Price easily went haywire, 10X gains were as common as ever, 100X gains and even higher could come within a week. The peak of these gains was usually followed by rug pulls and teams selling the majority of their holdings, leaving holders to nurse their irrecoverable losses as trading volumes shrink out while the project goes into obscurity. Unto the next one! “what’s the next 100X?” cryptocurrency’s reputation was left to bleed, volatility and betrayal were demonstrated in their worst manners. These influencers already cashed out before the storm, depending on whether they were paid upfront or in the tokens.

Money grabs? For most of these celebrities, cryptocurrency is simply an avenue to boost their net worth or get out of their bad financial situations. NFTs, Defi, memes, and passive reward coins; the boom of each of these presents an avenue for celebrities to jump in and make some dollars. Celebrities would mint NFTs and only sell them for Dollars and USDT.

Funny how the rest of the crypto space boarded their ship and paid ridiculous fees for these NFTs. Well, thousands bought meme coins simply because a celebrity said inaudible words and mentioned the coin at the end, lol. Well, the gains were good, for these popular guys, and they get to keep their reputation intact and gain more followers.

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Politically influenced moves? Actually, I have been mentioning rap stars and pop stars, that’s partial! Elite politicians have also joined the movement, either against or in support. Most of these moves are politically motivated as some of these politicians, in fact, have no interest in cryptocurrency, while a good number of them actually hate it but put their weight behind it to earn voters’ attention and support.

Politicians with real interest in cryptocurrency have stayed outspoken way before the boom, most of them against it, however…but they are genuine, at least.

Well, as long as global awareness goes, these celebrities haven’t been such a bad influence in the space. To be fair, a good number have pushed cryptocurrency closer to global adoption…very few of them anyway. Regardless of how they did it, more people got to know about cryptocurrency via their popular shills and toxic support for certain projects.

In the real sense, long-term supporters have continued to have the most important contributions to the positive growth of cryptocurrency and blockchain technology, while the new ‘converts’ continue to find their way into the space.

13/03/2023